A bill to amend the Railroad Retirement Act of 1974 to eliminate the COLA offset provisions, and restore amounts offset under those provisions after January 1984.

Amends the Railroad Retirement Act of 1974 to reduce from five percent to 3.5 percent the portion of a railroad employee's annuity subject to reduction to offset cost-of-living increases under the Social Security Act.

Applies such reduction to annuity adjustments made after January 1984.

Directs the Railroad Retirement Board to readjust annuity amounts payable after January 1984 to comply with this Act.